Renaissance Capital LLC Boosts Stock Position in Maplebear Inc. $CART

Renaissance Capital LLC boosted its position in Maplebear Inc. (NASDAQ:CART) by 33.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 170,345 shares of the company’s stock after purchasing an additional 42,598 shares during the quarter. Maplebear makes up approximately 3.5% of Renaissance Capital LLC’s investment portfolio, making the stock its 13th largest holding. Renaissance Capital LLC owned about 0.06% of Maplebear worth $6,262,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Elevation Point Wealth Partners LLC bought a new position in shares of Maplebear during the 2nd quarter worth approximately $53,000. Fifth Third Bancorp grew its holdings in Maplebear by 123.7% in the second quarter. Fifth Third Bancorp now owns 1,190 shares of the company’s stock worth $54,000 after purchasing an additional 658 shares during the last quarter. CWM LLC grew its holdings in Maplebear by 42.2% in the third quarter. CWM LLC now owns 1,634 shares of the company’s stock worth $60,000 after purchasing an additional 485 shares during the last quarter. SRH Advisors LLC purchased a new position in Maplebear in the second quarter worth $61,000. Finally, Huntington National Bank increased its position in shares of Maplebear by 2,288.5% during the second quarter. Huntington National Bank now owns 1,457 shares of the company’s stock worth $66,000 after purchasing an additional 1,396 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CART. Wells Fargo & Company lowered their price objective on Maplebear from $57.00 to $47.00 and set an “equal weight” rating for the company in a research report on Friday, October 3rd. Benchmark decreased their price target on Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. BTIG Research restated a “neutral” rating and set a $55.00 price target on shares of Maplebear in a research note on Tuesday, September 30th. Citigroup cut their price objective on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Finally, Robert W. Baird lowered their target price on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $52.21.

Insider Transactions at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the transaction, the general counsel owned 404,940 shares in the company, valued at approximately $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Fidji Simo sold 3,051 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $39.60, for a total value of $120,819.60. Following the sale, the director owned 570,756 shares in the company, valued at $22,601,937.60. This trade represents a 0.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 12,525 shares of company stock valued at $521,304. Insiders own 26.00% of the company’s stock.

Maplebear Trading Down 0.9%

Shares of NASDAQ:CART opened at $44.98 on Wednesday. Maplebear Inc. has a 12-month low of $34.78 and a 12-month high of $53.50. The business has a 50 day moving average of $41.59 and a two-hundred day moving average of $43.54. The company has a market capitalization of $11.81 billion, a PE ratio of 24.71, a PEG ratio of 1.48 and a beta of 1.01.

Maplebear (NASDAQ:CART) last posted its earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The firm had revenue of $939.00 million during the quarter, compared to analyst estimates of $933.76 million. During the same period in the previous year, the firm earned $0.42 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. Equities research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.